Key terms Flashcards
A person who enters a written brokerage agreement with a real estate brokerage firm
Client
The South Carolina real estate commission
Commission
Do use of trust funds for a purpose, other than the purpose for which they are held
Conversion
How many members does the South Carolina real estate commission have?
10 members
How many of the 10 members of the South Carolina real estate commission are elected by Congress as active real estate professionals?
Seven members
How many members of the South Carolina real estate commission that represent the public are appointed by the governor?
Two members
How many members of the South Carolina real estate commission are elected by members and act as an at-large member
One member on the member must be an active real estate professional
Where does the commission elect officers from?
From its membership
How long does a member serve on the South Carolina real estate
It is a four year term
What members can the governor remove from the South Carolina real estate commission?
Only the two appointed members
What administration is a South Carolina real estate commission under?
The department of labor, licensing, and regulation
What is the mission of the South Carolina real estate commission?
To promote health safety and economic well-being of the public through regulation, licensing enforcement, training, and education
To protect public interest, one involved in real estate transactions
Who conducts investigations of misconduct in South Carolina real estate professionals
The department of licensing, labor and regulation investigators with at least 100 hours of training
How long before an investigation can be concluded by LLR investigators?
Within 150 days
What are disciplinary actions at the South Carolina real estate commission can implement?
Reprimand, probation, suspension, revocation of license, additional education, special supervision, find of not less than $500 and not more than $5000 for each violation.
What is the punishment for practice in real estate without a license?
It is a misdemeanor. One can receive a fine of $500 by the court or jailed for less than one year or both.
Who is exempt from licensure?
- An owner selling their own property
- An attorney representing a client.
- Government employees performing official duties.
- Registered foresters if steel is incidental the sale of timber on property.
- A court appointed, receivers and trustees acting within scope of duties. 
How long must be a CNPMIC keep records that are related to transactionS?
Five years
When must trust funds be delivered to BIC or PMIC?
The following business day after receipt
When was trust funds be deposited
Within 48 hours of receipt, excluding weekends and holidays
 South Carolina deed stamp rate is
3.70 per $1000
